Young Canadians are holding fast to the dream of buying a home, even as overall rates of ownership are falling sharply, according to a new poll released by Scotiabank Tuesday.
The polling shows a steep decline in young homeowners over the past three years as housing unaffordability issues dogged would-be buyers. Some 26 per cent of Canadians aged 18 to 34 own a home today, down from 47 per cent in 2021, according to the poll.
At the same time, 29 per cent of respondents in that age group reported they were living at home with parents or family, up nine percentage points from three years ago. The number of renters was similarly higher among youth, up to 43 per cent from 29 per cent in 2021.
I would love it if renting was just banned entirely. Just play the stock market with your extra cash, homes should not be an investment/traded around. People need a place to live. I hope people realize that a shoebox of a condo isn’t worth $1M and theres a massive correction back to more realistic valuations. its just stupid now.
I don’t think renting should be completely banned, but it shouldn’t be profitable. Property value appreciation already makes money.
That’s silly. Rent controls, an aggressive rental board, expansion of non-market housing, strong tenant unions, and the abolition of restrictive zoning, these are the things we actually need.
Unless we are also abolishing wage slavery and private property, in which case, sure ban renting.
I don’t really want to go through the process of buying a home every few years until I settle down.